What To Do In A Low Inventory Market
Raise your hand if you've seen a house hit the market, but by the time you open your phone to schedule a showing - it's pending. Yes, Spokane. We’re still in a low inventory market. Why? Because many homeowners locked in an astronomical interest rate and don’t want to sell and lose those 2 and 3% rates to get a new home with a 6% rate.
Curious how to handle a low inventory market? Here’s a quick rundown of what not to do as a seller or buyer.
If you’re looking to 𝗦𝗘𝗟𝗟:
▫️Don’t wait. With not many homes for sale, you won't have much competition. Translation? You can likely expect one or more top-dollar offers from eager buyers.
▫️Don’t overprice. Even with low inventory, set your asking price at market value. Doing so means you’re likely to attract more buyers and possibly set off a lucrative bidding war.
▫️Don’t worry. You're going to get a greater return on your investment. Rising prices mean that homes are also gaining value!
If you’re looking to 𝗕𝗨𝗬:
▫️Don’t wait to get paperwork ready.
▫️Do everything you can NOW (gather down payments funds, get pre-approved, have your home ready to sell) so when you find your dream home you can move, and move fast!
▫️Don’t make a clunky offer. Make a clean offer with as few contingencies and concessions as possible.
▫️Don’t let your emotions run awry.
▫️Trust your realtor. We’ve been in this industry long enough to know and understand the market. Let us guide you and help you make the best offer to win a home.
Ready to sell? Ready to buy? We’re ready for you!